Navigating money & your money mindset: A beginner’s guide for business owners

By Katie Godfrey on May 2nd, 2024

Katie Godfrey is the beauty entrepreneur behind numerous successful businesses, including her own beauty salon, but it wasn’t an easy start – inexperienced in business Katie was on the brink of going under when she got savvy and turned things around. One of our go-to Salon Gold business mentors and an in-demand beauty boss coach, she shares the pitfalls to avoid.

Starting your own beauty business is an exciting journey filled with creativity, passion, and endless possibilities. But even though you’re so excited to start your business, it’s crucial not to overlook the importance of understanding and managing your money effectively. As a new beauty business owner, mastering your money mindset is essential for long-term success and sustainability. In this beginner’s guide, I will help you set simple yet powerful strategies to help you navigate the world of finances with confidence and clarity.

Have a positive money mindset

Your money mindset sets the tone for your financial journey as a beauty business owner. Instead of viewing money as a source of stress or limitation, have a positive and empowered mindset. Believe in your ability to achieve your money goals. Remind yourself that you deserve to thrive in your business and knock away any bad money mindset messaging you may have.

Identify and Challenge Limiting Beliefs

Take a moment to reflect on any limiting beliefs you may hold about money. These beliefs could be holding you back from reaching your goals. Common examples include thinking that money is scarce or believing that you’re not good with numbers. Challenge these beliefs and replace them with empowering thoughts. Remember, your mindset has the power to shape your financial reality.

Set Achievable Financial Goals

Setting clear money goals is like creating a roadmap for your business journey. Start by defining what you want to set goal wise, whether it’s increasing revenue, building savings, or investing in new equipment. Break down your goals into smaller, actionable steps. This will help you stay focused and motivated as you work towards achieving your goals.

Keep Track of Your Finances

Tracking your finances is essential for understanding the financial health of your beauty business. Make it a habit to record your income, expenses, and profits regularly. You can use simple tools like spreadsheets or accounting software to help you stay organised. By staying on top of your finances, you’ll be better equipped to make informed decisions and plan for the future.

Invest in Your Education

As a new beauty business owner, investing in your education is an investment in your future success. Consider enrolling in workshops, courses, or online programmes and masterclasses to enhance your skills and knowledge. Learning new techniques or staying updated on industry trends can give you a competitive edge and attract more clients to your business. But most importantly you need to be learning business skills, which is not everyone’s strong point. 

Practice Gratitude

Gratitude is a powerful tool for shifting your mindset from scarcity to abundance. Take a moment each day to appreciate the blessings and opportunities in your life, both personally and professionally, no matter how little they may sound. Having a mindset of gratitude can help you stay positive and resilient, even during challenging times in your business journey.

Understanding money as a new beauty business owner may seem daunting at first, but with the right mindset and strategies, you can set yourself up for success. Have a positive money mindset, challenge limiting beliefs, and set achievable financial goals. Keep track of your finances, invest in your education, and practice gratitude along the way. By taking proactive steps to manage your finances, you’ll be well on your way to building a thriving and sustainable beauty business.

I hope this helps! 

Katie Godfrey
@kg_katiegodfrey

Katie Godfrey

Katie Godfrey is proud owner and director of KG Salon. KG is a multi award winning beauty salon based in Barton Le Clay, Bedfordshire which has been established since 2009. Katie also owns KG Professional which is a beauty training academy across the UK and product range that specialise in eyelash extensions, lash lift and brow lamination. Katie opened her first business at just 18 years old and has since grown to become a Business Mentor and entrepreneur.

All articles by Katie Godfrey

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